Among both buyers and sellers of insurance, the concept of cashless claims has really taken a huge preference. However, the most instances that you will see of cashless claims is in health insurance policies. You can immediately go to the hospital and get medical care in case of emergency. For that all you have to do is cover the deductible and the rest of the cost of medical treatment is borne by the insurance company.
However, health insurance is not the only type of insurance that offers cashless claims. The introduction of cashless claim services in car insurance is steadily gaining popularity. Leading players in the segment are offering ‘cashless garage’ facilities to their car insurance policy buyers. Read on to know more.
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According to the Indian Motor Vehicles Act 1988, all motor vehicles must have insurance against any accidents that you may find yourself in. The minimum coverage that you need is the coverage for injury to a third-party or damage to their property. However, it is better to have coverage for own damage through comprehensive car insurance. In addition to the overall coverage that the policy covers, insurance companies these days also offer a cashless facility for claims settlement.
Under the cashless facility, the car owner can repair the insured vehicle in any garage that has a tie-up with the insurance company. The good part is that the car owner does not have to pay the costs in advance. The insurance company will pay the bills after the repairs are done. You should know that the cashless garage facility is only accessible to comprehensive policy buyers. Hence, if you have bought just a third party car insurance online. * Standard T&C Apply
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How does it work?
Most insurance companies provide policyholders with a list of authorized garages within their network. The list is also available on the official websites of insurance companies. Of course, your car insurance agent can also help you with this. Alternatively, these days every insurance company has a toll-free number from which you can get all the details of cashless service centers.
In the event of any damage to your vehicle due to an accident, all you need to make sure of is that you immediately notify your insurance company of any repairs that may need to be made. Submit all important documents in the authorized garage. After inspecting the car and getting approval for a cashless settlement, the service center will repair the car and forward the bill and other necessary documents to the insurance company for final settlement. The insurance company evaluates the bill thoroughly by verifying and checking every detail before paying the bill amount to the garage.
Then, the only thing you have to do wait until your car comes back to you. As the policyholder, you would only have to pay for the mandatory deduction as per the terms of the policy.
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Things to know about cashless garages
The cashless repair service of a car insurance policy can be very helpful, especially when the need for such repairs is not invited. Here you must remember one thing: the insurance company pays only for the losses covered under the policy. If the car parts such as accessories, consumables, etc. outside the policy cover are damaged, you will have to pay for their repair or replacement.
Moreover, the cashless repair facility of a car insurance policy depends on whether there is a network garage near you. Hence, there may also be times when your car meets an accident where there is no cashless garage facility available. For such situation, you can look into add-ons such as roadside assistance cover. If you don’t already have it, you can buy it at the time of your next car insurance renewal. * Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.